ECC to host 'Shark Tank'-style competition for entrepreneurs
Several Elgin Community College and Hampshire High School students will pitch ideas for potential business startups in a “Shark Tank”-style competition Wednesday as part of Global Entrepreneurship Week.
Yet, unlike the popular ABC network television show in which “sharks” or venture capitalists vet ideas from aspiring entrepreneurs that could land them lucrative deals, there won't be any millionaires in the audience, said Glenn Earl, professor of entrepreneurial studies and faculty adviser for the student group, Collegiate Entrepreneurial Organization.
“We don't have the Mark Cubans sitting there ready to write a check,” said Earl referring to the millionaire investor and Dallas Mavericks owner.
Judges for ECC's “Shark Tank” event include small business owners, women and global entrepreneurs. Last year's inaugural event drew more than 100 participants and organizers are expecting nearly 300 attendees this year.
“We modeled it after the TV show,” Earl said. “It really is the highlight and fun part for the students. What the students get from this is experiential learning. Students get engaged, and that engagement is where the learning happens.”
Contestants have 90 seconds to pitch their ideas without notes or props, identifying their target audience for the product, how and where it can be purchased, and what makes it unique. Judges gauge how well participants have thought through their concepts, grade their presentation, and ask a round of questions before their final evaluation, Earl said.
The competition has a high school division with three contestants from Hampshire High School who passed a first round of pitching ideas; ECC business students will act as “sharks.” A second division of six ECC students and a non-student community member will compete for a chance to win prizes of $300, $200, and $100 for first, second and third place, respectively. Awards are funded by a community sponsor and donated through the ECC Foundation.
Earl said the competition is an interdisciplinary exercise and students in ECC's culinary, automotive, and graphic design programs were invited to participate.
“Entrepreneurial thinking goes beyond business ideas. It can be whatever your passion is,” Earl said. “We want to get this type of thinking across our campus.”
Earl said the competition is starting to generate interest within the business community for promoting entrepreneurship and hopes it will draw future sponsors.
“We want to have next year, business leaders who would invest in those pitches,” Earl said.
The college also is considering expanding its entrepreneurship program. It could potentially add courses, offer different degrees, and create a “business incubator” where aspiring entrepreneurs can grow their businesses.
Earl said some ECC students operate in-home businesses or are ready to seek customers.
“(The incubator) would be a building on our campus where they can call their home office,” Earl said. “They can utilize our equipment and address and we would charge them a low rent, typically for two years.”
Activities for Global Entrepreneurship Week will run from 10 a.m. to 2:30 p.m. Wednesday in the Building E University and Business Center Dining Room, 1700 Spartan Drive, Elgin. The “Shark Tank” competition will run from 1:10 to 2:30 p.m.
To reserve a seat, log on to www.GEW-ECC.eventbrite.com.